REAL-ESTATE developer and investor Australand said it had closed its books to potential buyers after failing to attract bids high enough to satisfy either its directors or major shareholder CapitaLand.
Singapore-based CapitaLand owns 59.3 per cent of Australand, and in January said it was reviewing its holding after Australand rejected a bid for its investment portfolio from GPT Group. Australand subsequently opened up its books to potential suitors.
Australand said today it had received “several” proposals to buy either part or all of the company, but that none of them were “superior to business as usual”.
For its part, CapitaLand said it had decided to continue being a “key” investor in Australand, according to the Australian company’s statement.
GPT abandoned in May its bid to acquire parts of Australand’s business, citing a too-high price tag.
